Secured Loans to Individual Members

Sr. No.	Particulars	Details
i	Eligibility	Any individual member of the Bank.
ii	Type of Facility	Term Loans.
iii	Limit	Up to the exposure limit of the bank, subject to the borrower’s repaying capacity. Not to exceed 48 times the monthly income of the borrower.
iv	Purpose	Any legitimate requirement of funds, except for speculative purposes.
v	Margin	15% of the cost of repair/renovation, and suitable margin on the value of mortgaged property in other cases.
vi	Rate of Interest	As per Bank’s rules from time to time.
vii	Other Charges	As per Bank’s rules from time to time.
viii	Repayment	Maximum up to 120 equal monthly installments with interest, including moratorium if any. Monthly installment + other deductions should not normally exceed 60% of the applicant’s monthly income.
ix	Security	Mortgage of immovable property or any other property owned by the borrower or surety.
x	Sureties	Two sureties of good means as per bank’s discretion.
xi	Other Conditions	a) Borrower must submit income proof such as: – Salary certificate / Pay slip / ITR / Affidavit (if income is below taxable limit) – For business/profession: latest financial statements – Same applies to all sureties b) Estimate of repair/renovation cost must be submitted from a registered Architect.